Prepare a Balance SheetHomework Answers
Balance sheet
| Assets | $ | $ |
| Cash | 4,800 | |
| Accounts receivable | 5,250 | |
| Supplies | 5,300 | |
| Prepaid advertising | 3,000 | |
| Trucks | 30,300 | |
| Less: Accumulated depreciation - truck | 10,000 | 20,300 |
| Equipment | 7,600 | |
| Less:Accumulated depreciation - equipment | 2,100 | 5,500 |
| Total assets | 44,150 | |
| Liabilities and shareholders equity | ||
| Account payable | 1200 | |
| Unearned service fees | 6700 | |
| Shareholders equity | ||
| Common stock | 10,000 | |
| Retained earnings | 26,250 | |
| Total liabilities and shareholders equity | 44,150 | |
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Prepare a Balance Sheet
$ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. ....
Prepare a detailed Balance Sheet and also calculate the following ratios: A) Current Ratio B) Working...
Prepare a detailed Balance Sheet and also calculate the
following ratios:
A) Current Ratio
B) Working Capital
C) Assets Turnover
D) Fixed Assets Turnover
E) A/R Turnover
F) Debt Ratio
$ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. . Trucks._.. . $10,000 Equipment . . . . Accumulated depreciation-Equipment... Accounts payable... Uneaned service fees . . 7,600 2,100 6.700 10,000 16,050 Retained eamings Service fees eaned... Rent expense.. 7.500 80,500 29,800 10,200 4,900 8,000
Problem #3 XYZ Company Adjusted Trial Balance Debit Credit Cash $ 19,800 Accounts receivable 5,250 Supplies...
Problem #3 XYZ Company Adjusted Trial Balance Debit Credit Cash $ 19,800 Accounts receivable 5,250 Supplies 5,300 Prepaid Advertising 3,000 Trucks 30,300 Accumulated depreciation - Trucks Equipment 7,600 Accumulated depreciation - Equipment Accounts payable Unearned service fees S 10,000 2,100 1.200 6,700 20,000 16,050 12,000 90,000 29,800 Common Stock Retained carnings Dividends Service fees earned Wages expense Rent expense Insurance expense Supplies expense Advertising expense Depreciation expense - Trucks Depreciation expense - Equipment 10,200 4,900 5,100 8,000 4,000 800 $146,050...
Prepare an Income Statement and a statement of Retained Earnings sheet. Also, calculate profit margin and...
Prepare an Income Statement and a statement of Retained Earnings
sheet. Also, calculate profit margin and payout ratio.
XYZ Company Adjusted Trial Balance Debit Credit Cash 9,800 Accounts receivable 5,250 5,300 Supplies Prepaid Advertising 3,000 Trucks 30,300 $ 10,000 Accumulated depreciation – Trucks Equipment 7,600 Accumulated depreciation – Equipment 2,100 Accounts payable 1,200 Unearned service fees 6,700 Common Stock 10,000 Retained earnings 16,050 Dividends 12,000 Service fees earned 90,000 Wages expense 29,800 Rent expense 10,200 Insurance expense 4,900 Supplies expense...
Please figure out the following: 1. Income Statement. 2. Statement of Retained earnings. 3. Profit Margin...
Please figure out the
following:
1. Income Statement.
2. Statement of Retained earnings.
3. Profit Margin and Payout Ratio.
$ 4,800 5,250 5,300 3,000 30,300 Accounts ts receivable Trucks.... Accumulated S10,000 7,600 2,100 1,200 6.700 10,000 16,050 Accumulated depreciation-Equipment.. 80,500 29,800 Supplies expense Advertising expense... 5,100 8,000 Depreciation expense-Equipment
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3...
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3 l is a oWS Adjusted Trial Balance Debit Credit 5,250 5,300 3,000 30,300 $ 10,000 7,600 2,100 1,200 6,700 10,000 16,050 7,500 80,500 29,800 10,200 4,900 5,100 8,000 4,000 800 Required a. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account. c....
Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet....
Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4, 2-5 Exp 0 + 980 980 + - 980 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Liab. Owner's Equity Accls. Accts. T.Cotton Cash + Rec. + Supp. + Equip. = Pay + Capital + Rev. Balances, May 1 15,000 + 3.000 + 5,800 + 33,800 - 7.000 + 50,600...
prepare an Income Statement and Balance Sheet. Balance Account Name Db Cr Accounts Payable 3,000...
prepare an Income Statement and Balance Sheet. Balance Account Name Db Cr Accounts Payable 3,000 Accounts Receivable 5,000 Accrued Expenses 15,000 Accumulated Depr. Equipment 5,000 Building 100,000 Capital Stock ####### Cash 50,000 Cost of Goods Sold 10,000 Equipment 50,000 Income Tax Payable 1,000 Land 50,000 Long Term Debt 75,000 Long Term Investments 100,000 Marketing Expenses 8,000 Merchandise Inventory 2,500 PrePaid Expenses 3,000 Rent Expenses ...
Softbyte Inc. Balance Sheet December 31, 2016 Assets Cash  
Softbyte Inc. Balance Sheet December 31, 2016 Assets Cash $7,000 Accounts Receivable 6,000 Supplies 2,000 Equipment 10,000 Total Assets $25,000 Liabilities & Equity Accounts Payable $3,000 Common Stock 20,000 Retained Earnings 2,000 Total Liabilities & Equity $25,000 Open the balances in the general ledger (T-accounts). Post the journal entries from the general journal to the general ledger (T-accounts). Prepare the four financial statements: Income Statement,...
Prepare a detailed Balance Sheet and also calculate the
following ratios:
A) Current Ratio
B) Working Capital
C) Assets Turnover
D) Fixed Assets Turnover
E) A/R Turnover
F) Debt Ratio
$ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. . Trucks._.. . $10,000 Equipment . . . . Accumulated depreciation-Equipment... Accounts payable... Uneaned service fees . . 7,600 2,100 6.700 10,000 16,050 Retained eamings Service fees eaned... Rent expense.. 7.500 80,500 29,800 10,200 4,900 8,000
Problem #3 XYZ Company Adjusted Trial Balance Debit Credit Cash $ 19,800 Accounts receivable 5,250 Supplies 5,300 Prepaid Advertising 3,000 Trucks 30,300 Accumulated depreciation - Trucks Equipment 7,600 Accumulated depreciation - Equipment Accounts payable Unearned service fees S 10,000 2,100 1.200 6,700 20,000 16,050 12,000 90,000 29,800 Common Stock Retained carnings Dividends Service fees earned Wages expense Rent expense Insurance expense Supplies expense Advertising expense Depreciation expense - Trucks Depreciation expense - Equipment 10,200 4,900 5,100 8,000 4,000 800 $146,050...
Prepare an Income Statement and a statement of Retained Earnings
sheet. Also, calculate profit margin and payout ratio.
XYZ Company Adjusted Trial Balance Debit Credit Cash 9,800 Accounts receivable 5,250 5,300 Supplies Prepaid Advertising 3,000 Trucks 30,300 $ 10,000 Accumulated depreciation – Trucks Equipment 7,600 Accumulated depreciation – Equipment 2,100 Accounts payable 1,200 Unearned service fees 6,700 Common Stock 10,000 Retained earnings 16,050 Dividends 12,000 Service fees earned 90,000 Wages expense 29,800 Rent expense 10,200 Insurance expense 4,900 Supplies expense...
Please figure out the
following:
1. Income Statement.
2. Statement of Retained earnings.
3. Profit Margin and Payout Ratio.
$ 4,800 5,250 5,300 3,000 30,300 Accounts ts receivable Trucks.... Accumulated S10,000 7,600 2,100 1,200 6.700 10,000 16,050 Accumulated depreciation-Equipment.. 80,500 29,800 Supplies expense Advertising expense... 5,100 8,000 Depreciation expense-Equipment
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3 l is a oWS Adjusted Trial Balance Debit Credit 5,250 5,300 3,000 30,300 $ 10,000 7,600 2,100 1,200 6,700 10,000 16,050 7,500 80,500 29,800 10,200 4,900 5,100 8,000 4,000 800 Required a. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account. c....
Problem 2.4A (Static) Preparing an income statement, a statement of owner's equity, and a balance sheet. LO 2-4, 2-5 Exp 0 + 980 980 + - 980 The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Liab. Owner's Equity Accls. Accts. T.Cotton Cash + Rec. + Supp. + Equip. = Pay + Capital + Rev. Balances, May 1 15,000 + 3.000 + 5,800 + 33,800 - 7.000 + 50,600...
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